Each news story about TM Lewin seems to deliver worse news and the latest development is that the menswear retailer is closing all of its shops and becoming online-only. It means the loss of over 600 jobs.
As the new owners of TM Lewin continue to seek new deals for its retail stores, a report has suggested the company could consider a pre-pack administration in order to allow it to close as many of the shops as possible.
The digital-first fashion rental service is reportedly seeking $25 million in its latest funding round, which would see the company valued at approximately $750 million, under a previous valuation of $1 billion.
TM Lewin has been bought by SCP Private Equity, which wants to build a portfolio of British brands that will sell well globally. Asda's ex boss, who's currently chairman of C&A, is on board, as is an ex-Harrods MD.
Advent International, Bain Capital and Cinven are all reportedly candidates to take over the brands in Coty's professional beauty division, including Wella and OPI, as the company looks to stabilise its finances.
Europe-focused online fashion retail giant Zalando has strengthened its leadership team, appointed three senior vice-presidents, including two internal promotions and one crucial newly-established role.